Tax Time – July 2014

Just like Wimbledon and Shane Warne’s wrist (Brett Lee broke it bowling to Shane in England!) … the 2014 financial year is done and dusted.

As you can appreciate, we now have the compliance and reporting obligations to the ATO, and ASIC for companies.

DIAGNO is able to help you make this process as painless as possible. Come on … get on top of your compliance obligations sooner rather than later, while events that occurred throughout the 2013/2014 financial year are fresh in your memory. A word of warning (I have been told) … getting older reduces your recall. So don’t leave the Financial Statements and Income Tax Return preparation too long to finalise.

It is great to see employers are on top of their employee reporting obligations. A reminder that the 2014 PAYG payment summaries must be issued by employers to employees before 14 July 2014.

As we prepare to watch our Australian team compete at the Commonwealth Games, and the Gold Coast Suns play towards the finals in the AFL (yes … without Gary Ablett), consider … how prepared are you to take on the 2014/2015 financial year trading period?

We encourage you to be thinking about the following components that drive your business:

Revenue
Price
Volume/Economies of scale
Cost of Sales
How is your gross profit tracking
Expenses
Fixed
Variable
Interest Rates
Receivable Days
Payable Days
Inventory Days
Any one of these factors can have a massive impact on your profit and cash flow.

Appointments for 2014 individual income tax returns have started in earnest. Get in quickly to make an appointment, call the office on 07-5552 1100.